Since it is part of the city of Los Angeles it is $4.50 per $1000. There is also a county transfer tax of $1.10 per $1000. So, $5.60 per $1000 total. [City Transfer Tax:$4.50 for each $1,000 or fractional part thereof (LAMC Sec. 21.9.2); LA County Transfer Tax: $1.10 for each $1,000 or fractional part thereof (Rev. & Tax Code Sec. 11911-11929)]... more

There are number of steps involved when looking to a buy a house in the US, these are as follows:

1. The buyer will make an offer to the seller for the property, your offer will usually require you to also provide the following:

â€¢ A Check Deposit, also known as an â€˜Earnest Money Depositâ€™
â€¢ A Pre-Approval Letter from your lender (The Bank)
â€¢ A Proof of Funds Available (Bank Statement)
â€¢ Identification Documents

It is normal practice for both the buyer and the seller to have a real estate agent or broker working on their behalf; the offer for purchase will be made by the buyerâ€™s broker to the sellerâ€™s broker.

2. If the seller accepts the buyers offer to purchase the property, the buyerâ€™s broker will then deposit the check deposit into an escrow account.

3. Once the money has been deposited into the escrow account, the buyer will then make arrangements to have the property inspected for such things as structural damage, termite infestations, roof damage etc., etc. Once the buyer is satisfied that the property meets their approval they can remove any contingencies to the offer. It is at this stage that the â€˜Earnest Money Depositâ€™ becomes non-refundable.

4. The buyer will now need make a loan application to his bank or mortgage company for the balance of the purchase price. Before approving the loan application, the lender will perform an appraisal and valuation of the property; if they are satisfied with the property then the loan underwriter will approve the loan.

5. The buyer will then sign all the necessary paperwork in front of a notary public witness at the escrow company. This will include such documents as the loan application from the bank as well as documents from the real estate agents and the seller. The loan will then get transferred by the bank, the seller will pay off any monies they currently owe to their own lender and then the seller will transfer the property ownership deeds to the buyer. This grant deed will then be recorded by the County Clerk Recorder service and the buyer becomes the legal owner of the property.

There are always some hot deals, but much depends on your ability to compete with other home buyers who are looking for the same. Especially with REO or bank owned properties, many investors are using cash to purchase them with the least amount of contingencies.... more

The REO business has become quite streamlined and are listed along with standard sales and short sales. When looking at a listing, there is a section called "listing type." It will either say: Standard, Short pay, or REO (sometimes says foreclosure).

Most people have said to work with an agent. I agree. Pick someone you feel comfortable with and who has reviews about them from past clients online. Ask them for the name/number of their lender and get prequalified. There is no point shopping unless you know how much you can spend ;) If their lender can't qualify you, always get a second opinion.

You should be talking with your agent about both of these important issues since none of us here can possibly know what the material facts are.

In general, yes can you negotiate with the bank. Yes you can challenge their assessment of the home's value with examples of comparable sales and broker's price opinions of your own. The bank may not agree, but you can try.

I don't know if the encroachment issue is the deal-breaker that Ron is suggesting, but you need to talk with your agent about this as well. If you don't do some serious exporation regarding the potential liabilities of this before you agree to the sale in the first place you should consider thoroughly investigating it before your inspection and/or disclosure periods expire. Though I don't know the nature of the encroachment, it's hard for me to imagine that this won't involve talking to a real estate attorney in many cases. You may also think about holding off on spending money pursuing this sale until you really understand this issue.